They launched in 2017, and now have over 5 million registered users from 200+ countries and regions. The platform provides crypto to crypto trading with low fees and discounts are available for their KCS token holders.
In this Kucoin review, we take an overlook of the exchange, looking at the fees, safety/security, and supported cryptocurrencies. I have also put together a Kucoin video tutorial, which you can find below.
What is Kucoin?
KuCoin is a cryptocurrency trading platform known as “The People’s Exchange” and operates in the Seychelles. The platform has over 300 trading pairs and you can buy and sell the likes of Bitcoin, Ethereum, DEFI tokens, stable coins, plus their own KCS token.
There are several trading options available to suit different trading levels, including spot trading, instant exchanges and margin trading. Plus you can earn crypto with KuCoin’s crypto lending, staking, soft staking, and KuCoin Shares (KCS) bonus.
KuCoin has its own cryptocurrency an ERC20 token named KuCoin Shares (KCS). KCS holders receive daily cryptocurrency dividends, profit from the success of the exchange, receive trading discounts and lower withdrawal fees and be automatically qualified for exclusive promotions, offers and rewards.
Although KuCoin is crypto to crypto with no FIAT markets, there are still over 300 trading pairs. With markets such as BTC, KCS, ALT, DEFI and USD stablecoins.
If you don’t already have crypto to deposit you can purchase on the KuCoin site via credit with the likes of USD, EUR, GBP, CAD or AUD. Although, I wouldn’t actually recommend this, as it wont be the cheapest way to buy your crypto because you’ll be paying high fees for the convenience.
So you may be better off using a FIAT supported crypto exchange such as the likes of Coinbase Pro for example.
Deposits are free, however, withdrawals are on crypto by crypto basis. An example of this would be BTC where the fee is 0.0005 BTC (roughly $9 at the time of the article) or ETH at 0.005 ETH. There are also minimum withdrawal amounts which are on a crypto by crypto basis.
To view all platform fees click here.
Trading fees are based on a Maker/Taker model and will depend on your 30 day trading volume. I am not personally a day trader, and therefore fees are 0.1% for maker and taker orders.
The fees then start to differ when trading amounts are greater than 50 BTC in a 30 day period. Similar to the likes of Binance, you can also get reduced fees by holding the KuCoin KCS token.
What are the KuCoin Accounts?
Under the Assets overview screen, you may notice that there are few different accounts you can transfer, lend or deposit from.
- “Main Account” is used for cryptocurrency deposits & withdrawals, fiat to crypto purchases via credit card and margin lendings.
- “Trading Account” is for cryptocurrency transactions
- “Pool-X Account” is for staking and mining with yields up to 20%
- “Margins Account” is is for margin borrowing and margin trading
- “Futures Account” is used for futures trading such as XBTUSD perpetual futures
If you want to start trading, you’ll first need to deposit your funds into the Main account and then “transfer” to the Trading Account.
Is KuCoin Regulated/Safe?
KuCoin is not regulated under any financial regulatory agency and was hacked in September 2020. $281 million were stolen by hackers obtaining the private keys to the centralized exchange’s hot wallets. However their CEO Johnny Lyu quickly promised that funds would be “covered completely” by an insurance fund.
I always advise to store your crypto in a hardware wallet such as a Ledger or a Trezor (when your not trading your funds) so that they are kept offline and away from any potential harm.
Also, once you’ve signed up, implement 2-factor authentication as an extra level of security, as this will help to secure your account.
With KuCoin you can trade quickly on the go any time, anywhere, 24/7. The exchange is available via the web, plus mobile apps are also available for Android and iOS. You can easily sync up your mobile device by scanning a QR code via the website with your mobile.
Is KuCoin Available in the US?
Unfortunately, KuCoin doesn’t provide a service for US customers. Currently, they are only providing service for countries listed on the KYC page in order to comply with all applicable laws and regulations.
If you want to find out where you can use Kucoin Exchange click here.
KuCoin offers 24×7 customer support via WeChat, phone, email and web chat. As well as having an FAQ page with lots of helpful information.
I have personally used their web chat facility and they were super responsive, replying in under a minute.
KuCoin isn’t an exchange I personally use day-to-day. Although I don’t sell my crypto for FIAT, not having this as an option is a huge negative. I was also disappointed with the cost of withdrawing BTC from the exchange (December 2020).
When checking Kucoin Trust Pilot score they receive an unimpressive poor rate. I believe the majority of these poor reviews, are due to their recent hack in 2020. Even though the CEO Johnny Lyu promised that funds would be “covered completely” by an insurance fund, obviously, this will take time.
I don’t personally believe Kucoin is a scam as many of the reviews mention, but it will be very difficult for Kucoin to build trust again, especially in a competitive crypto market.
Similar to your bank, once you get used to an exchange, it can be difficult to change platforms and I don’t see me moving any time soon. I would personally prefer to use the likes of Binance, Gemini or Coinbase Exchanges.
Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.
After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.